Ashish Chaturmohta Sanctum Wealth Management
Pidilite Industries is in long-term uptrend forming tops and higher bottoms on the weekly chart. After touching high of Rs 1195 in the month of May, stock corrected down to Rs 1019 levels. Here price has taken support at 50% retracement of the rise from Rs 845 to Rs 1195.
Also, the price has taken support at 89-day exponential moving average and holding above it. Relative strength index has given positive crossover with its average on the daily chart.
Thus, the stock can be bought at current levels and on dips to Rs 1040 with a stop loss below Rs 1010 for a target of Rs 1190 levels.
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